House of reps to probe nnpcs joint venture agreements

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House of Representatives to Probe NNPC's Joint Venture Agreements

The House of Representatives has announced plans to investigate the joint venture agreements between the Nigerian National Petroleum Corporation (NNPC) and its partners in the oil and gas industry.

The probe is aimed at uncovering any irregularities or breaches of the agreements, which could have resulted in losses to the federal government. The investigation will also focus on the transparency and accountability of the agreements, as well as the distribution of revenue generated from the joint ventures.

The decision to probe the agreements was taken after a motion was moved by a member of the House, Hon. Ahmed Idris, who expressed concerns about the lack of transparency in the agreements. The motion was supported by other members of the House, who argued that the probe was necessary to ensure that the country's natural resources are managed in a transparent and accountable manner.

The NNPC has been involved in several joint venture agreements with international oil companies (IOCs) and local oil companies, with the aim of exploring and producing oil and gas in Nigeria. However, there have been concerns about the transparency and accountability of these agreements, with some critics arguing that the NNPC has not been transparent enough about the terms of the agreements and the revenue generated from them.

The probe is expected to be conducted by the House Committee on Petroleum Resources (Upstream), which will invite officials of the NNPC and its partners to testify before it. The committee will also review documents and records related to the joint venture agreements to determine whether there have been any breaches or irregularities.

The investigation is seen as a major step towards ensuring transparency and accountability in the management of Nigeria's oil and gas resources. It is also expected to help to build trust between the government and the private sector, and to promote investment in the oil and gas industry.